Global Automotive Logistics Market Accelerates, Expected To Reach $340 Billion By 2027 - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 12, 2023 /PRNewswire/ -- As per The Business Research Company's Automotive Logistics Global Market Report 2023, the global automotive logistics market is experiencing remarkable growth, with expectations to reach $266.82 billion in 2023, signifying an impressive Compound Annual Growth Rate (CAGR) of 8.7%. This dynamic market is poised for further expansion, projecting a market size of $340.34 billion by 2027, sustaining a robust CAGR of 6.3%. Several key factors are propelling this surge, including increasing government support, global population growth, urbanization trends, the rising production of electric vehicles (EVs), and the surging e-commerce sales.
Government Backing Fuels Growth
Increasing government support is a pivotal driver in the automotive logistics market. Governments across the globe are recognizing the significance of a well-functioning logistics network, which is crucial for the growth of industries, including automotive. This support is enhancing the efficiency and reliability of automotive logistics, thereby contributing to market growth.
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EVs Revolutionize Last-Mile Delivery
The use of electric vehicles (EVs) is transforming the automotive logistics market, particularly in the context of last-mile delivery. EVs, known for their high maneuverability and small carbon footprint, are becoming the go-to choice for efficient last-mile logistics. Companies in the automotive logistics market are increasingly adopting EVs to enhance sustainability and reduce environmental impact.
One notable example of this shift is DAO EV Tech, an India-based electric two-wheeler manufacturer. In July 2021, the company introduced an integrated fleet partner program designed to revolutionize the last-mile delivery industry using electric vehicles. This innovative program brings together delivery partners, original equipment manufacturers (OEMs), third-party logistics firms, and delivery companies, leveraging artificial intelligence (AI) and the Internet of Things (IoT) to create an efficient and sustainable last-mile delivery ecosystem.
Market Segmentation
The global automotive logistics market is segmented based on several key factors:
- Type: Segments include Outsourcing and Insourcing.
- Activity: Options encompass Warehousing & Handling and Transportation & Handling.
- Mode of Transport: Divided into Roadways, Airways, Railway, and Maritime.
- Services: Segments comprise Transportation, Warehousing, Packaging Processes, Integrated Service, and Reverse Logistics.
- Distribution: Categorized as Domestic and International.
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Growth Potential in Insourcing Segment
The automotive logistics market's top growth potential is expected to emerge within the insourcing segment, projected to attain a remarkable $81.837 billion in global annual sales by 2027.
Regional Dynamics
In 2022, Asia-Pacific led the way in the automotive logistics market, accounting for 39.0% of the global market share. North America followed closely, with other regions making up the remainder. Looking ahead, Asia-Pacific and South America are expected to be the fastest-growing regions in the automotive logistics market.
The Automotive Logistics Global Market Report 2023 provides a comprehensive and insightful exploration of the automotive logistics market, offering a detailed analysis of the historic period from 2017 to 2022 and forecasting trends for the periods 2022-2027 and 2027-2032. The automotive logistics market report presents a thorough evaluation of the market across various regions and highlights the significant economies within each region. This report serves as a valuable resource for industry stakeholders, providing critical insights and data-driven analyses that are vital for informed decision-making and future planning in the dynamic automotive logistics sector.
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